PBCOM offering P2-billion bonds


Lucio Co-led Philippine Bank of Communications (PBCOM) has launched its maiden peso bond (Series A bonds) public offering with an initial size of P2 billion with an option to upsize.

In a disclosure to the Philippine Stock Exchange, the bank said its Series A Bonds, to be issued under PBCOM’s P15 billion Bond Program, will have a tenor of one-and-a-half years and a fixed interest rate of 6.0796 percent per annum.

PBCOM appointed ING Bank N.V. Manila Branch as the Sole Arranger and Bookrunner, with PBCOM and ING serving as the selling agents. PBCOM also appointed The Development Bank of the Philippines – Trust Banking Group as the Trustee.

The public offer period will run from Oct. 14 to 28, 2024, subject to any adjustments as may be imposed. The Series A bonds are expected to be issued and listed on the Philippine Dealing & Exchange Corporation (PDEx) on Nov. 5, 2024. 

Proceeds from this bond issuance will be utilized for general corporate purposes, including refinancing debt obligations, diversifying funding sources and supporting loan growth.

As of June 2024, PBCOM’s total assets reached P148.7 billion, a 12.2 percent increase compared to the same period in 2023. Loans and Receivables also saw double-digit growth, reaching P90.0 billion compared to the same period in 2023. 

PBCOM’s capital position remains solid, with Capital Adequacy and CET 1 ratios at 16.39 percent and 14.14 percent, respectively; all above the regulatory minimum for a universal bank.